Foreign National - Full Doc
The Full Doc mortgage program requires supporting documentation provided by the Foreign borrower. This means the completed mortgage application will be verified.
Up to 70% LTV financing - 30% Down Payment
Purchase or Refinance (No Cash-Out Refinance)
Second Home or Holiday Home
30 year & 15 year fixed rate - Full principal & Interest (capital & interest) NOT a variable rate
Seller can pay closing costs - Up to 3% of sales price
NO pre-payment penalty
Maximum Loan Amount: $417,000
SFR & "acceptable warrantable" condo projects/developments
Foreign Passport Required-
Attractive and competitive FIXED interest rate
If you are UNABLE to meet the above requirements for a full documentation mortgage, we also offer a NO DOC mortgage for Foreign Nationals that is very easy to qualify and NO paperwork. Please visit: http://www.floridamortgagecorp.com/foreign_national_nodoc.htm
Restrictions: Condo-Hotels and Short-Term Rental homes are NOT eligible for financing under this full doc mortgage program. Established condo projects/developments must meet FNMA guidelines. A SFR is the most desirable type of property to finance. Condos NOT financed in Dade, Broward, Palm Beach counties.
These type of investment income properties are for commercial use as hotels, that require special licensing from the State of Florida.
Unfortunately, the Orlando & Miami real estate market is currently "saturated" with this type of investment income property, with many being sold at "distressed" prices. Furthermore, the Orlando & Miami real estate market is experiencing serious declining market values due to a high number of foreclosures.
The investment property's use is determined by local county zoning laws, Homeowner's Association community guidelines, etc. A Condo-Hotel and or Short-Term Rental Home can only be located in a community that is legally zoned and allows the investment income property to be used for commercial use.
Please visit the following links for additional detailed information: